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Monday, November 7, 2011

Financial Stability Board Names 29 Firms to G-SIFI List

The Financial Stability Board (FSB) at the G20 summit in Cannes, France, on Friday named 29 financial firms - including eight U.S. institutions - to a list of globally systemically important financial institutions {G-SIFIs) that will be required to hold additional capital. The U.S. institutions are:
  • Bank of America Corp. 
  • Bank of New York Mellon 
  • Citigroup Inc., Goldman Sachs 
  • JPMorgan Chase & Co. 
  • Morgan Stanley, State Street  
  • Wells Fargo 
The additional capital requirements will be phased in starting in January 2016 with full implementation by January 2019.

The FSB and Basel Committee on Banking Supervision said there would be four primary capital buckets that such institutions would be placed into, depending on their size, riskiness and interconnectedness. Some firms would be required to hold an additional 1 percent in capital, while others would have to hold 1.5 percent, 2 percent or 2.5 percent. There also would be a fifth bucket of 3.5 percent for institutions that increased their potential threat to the global economy, but no firm currently qualifies for that added capital requirement.

The G-SIFI list will be updated every November, while the methodology used to define such firms will be reviewed every three years. The FSB and the Basel Committee developed the list based on size, complexity, the extent of cross-border activities, and the degree of interconnectedness with the rest of the financial system.

Read the FSB’s G-SIFI list (scroll down).
Read the Basel Committee’s final rules on globally systemically import banks.

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